BRITAIN'S RICHEST ASIANS 2002 -
MITTAL STEELS THE TOP SLOT AGAIN
(5th March 2002)

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Steel baron Lakshmi Mittal, whose company Ispat International is the world's eighth largest steel manufacturer, maintains his position at the top of the money mountain this year - despite having lost £100 million in net worth. Friday 15th March 2002 sees the publication of the annual Asian Xpress Rich List, the official listing of the 275 wealthiest Asians in the UK.

The recent controversy surrounding Mittal's acquisition of a steel plant in Romania does not appear to have diminished the steel giant's stronghold, although it may have a long lasting impact on his political relationships.

The Rich List, which is published by Asian Xpress newspaper and compiled by Philip Beresford, author of the Sunday Times Rich List, puts the combined wealth of these 275 millionaires at an astounding £9.5 billion, an increase of £1 billion in the last year.

The Hinduja brothers, who have struggled with both political and legal fights this year, have maintained their Number 2 position on the list. Having returned to the UK after much wrangling with the Indian courts, they are maintaining a low profile and concentrating on rebuilding their pot of wealth, which currently stands at £800 million - a reassuring increase of £100 million in what has been an otherwise turbulent year for the brothers.

This year's list also sees the introduction of 50 new millionaires, worth an astounding £562.1 million. The lowest entry point for this year is £5 million, and the highest entrants are Ranjit and Baljinder Boparan, who enter the list at number 25, with a cool £70 million. This thirty-five year old couple are based in Dartmouth and run a chicken-processing firm.

The increasing influence of women on the Asian business community is also demonstrated this year, by the second highest new entry, 47-year old Nighat Awan from Manchester. Ms Awan looks set to take up the crown of 'Curry Queen', with her restaurant and curry sauce manufacturing businesses. Both Meena Pathak and Perween Warsi remain high on the list of successful women - Meena Pathak received a CBE this year and Perween Warsi opened her first restaurant, Opium in Soho's Wardour Street.

This year's list also shows that Asian millionaires are definitely getting younger, with a total of 55 of the current list aged under forty, and controlling a staggering £1.8 billion. The youngest millionaire this year is the record-breaking Reuben Singh, who entered the Asian Xpress Rich List last year with his internet company alldayPA.com. Reuben seems to have avoided the internet bubble bursting, and has increased his net worth by £5 million to £35 million.

The general increase in wealth of the list indicates that Asian businessmen are generally bucking the national trend. There appear to be no major signs of recession in key industries such as Food, Fashion and the Retail Industry, all of which show a definite increase in value. The Hotel industry, which was expected to show heavy losses after the September 11th tragedy, also appears to have escaped unscathed, showing a net increase of £135 million on last year with Jasminder Singh of Radisson Edwardian Hotels at the Number 4 position on the list.

Sarwar Ahmed, publisher of the list, says: "The Asian Xpress Rich List 2002 highlights the success of the Asian community in the UK and their contribution to the local economy. These entrepreneurs have created enormous wealth for themselves, but also supported their local community by creating jobs and bringing investment into the city.

"In what has been a difficult year for industry in general, Asian entrepreneurs have demonstrated a remarkable resilience and actually increased their wealth against all odds.

He continues: "Over the years there is a definite broadening of the industries that Asians are investing in, and although the traditional businesses of food, fashion and retailing are still strong, up and coming generations are moving into the fields of finance, media, pharmaceuticals, IT and property. This clearly demonstrates just how far Asians have integrated into the fabric of British society"

The Asian Rich List Top 10

The top 10, who control £3.9 billion(41%) of that total £9.5 billion net worth of the Asian super rich, are:

The highest climber in terms of VALUE is the Jatania Family of Lornamead International, whose net worth has increased by £248 million taking them to number 3 in the Rich List, with a value of £548 million. Lornamead International, a London based cosmetics and perfumery business has focused on buying unwanted brands from multinationals and taking them to consumers. Among their current portfolio are the Harmony Hairspray and Body Mist brands.

The biggest losers

The biggest drop of the year is by software consultant Professor Madan Singh, who has lost over £80 million, with a drop of 120 places. Last year he was placed at number 15 with a valuation of £94 million. This year he stands at number 135 with a mere £15 million. Dinesh Dhamija of ebookers and Felix Grovit of Chequepoint have also dropped out of the Top 10 list.

New Entries

There are a total of 50 new entries, who together have a value of £562 million. There are also 6 entries under the age of 30, together worth over £ 130 million.

Food & Fashion Industries show resilience to recession

The two highest earning industry sectors are food and fashion. In the Food Manufacture & Retailing categories are 35 individuals with combined worth of £773.6 billion. Famous food brands include Bestways, Tilda Rice, Noon Products, S&A Foods, Pataks Spices, TRS and VeeTee Rice.

Fashion is also a well represented category with 43 individuals and companies with a combined worth of £891.6 million. Fashion gurus include high street names such as Joe Bloggs, Ciro Citterio, Bay Trading and Pepe Jeans amongst others. Tom Singh of New Look also climbs to 9th place in the Asian Rich List 2002.

The Asian Xpress Rich List 2002 is published on Friday 15th March 2002 as a free supplement with Asian Xpress.

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